Tag: MENA

3,700 Nominations Were Submitted from Organizations in 61 Nations

FAIRFAX, Va., Aug. 14, 2023 (GLOBE NEWSWIRE) — High-achieving organizations and executives around the world have been recognized as Gold, Silver, and Bronze Stevie® Award winners in The 20th Annual International Business Awards®, the world’s only international, all-encompassing business awards program.

Winners were selected from more than 3,700 nominations submitted by organizations in 61 nations.

A complete list of all 2023 Gold, Silver and Bronze Stevie Award winners by category is available at www.StevieAwards.com/IBA.

More than 230 executives worldwide participated on 11 juries to determine the Stevie winners.

The top winner of Gold, Silver, and Bronze Stevie Awards is IBM of Armonk, NY USA with 21. Other winners of multiple Stevie Awards include HALKBANK, Istanbul, Turkey (20), Viettel Group, Hanoi, Vietnam (17), Telkom Indonesia, Jakarta, Indonesia (17), Ayala Land, Inc., Makati City, Philippines (16), DHL Express, worldwide (14), A.S. Watson Group, Hong Kong (12), Tata Consultancy Services, worldwide (11), LLYC, Madrid, Spain (10), OPET, Istanbul, Turkey (10), HeyMo® The Experience Design Company, Istanbul, Turkey (9), Uniomedia Communications, Budapest, Hungary (9), AD Ports Group, Abu Dhabi, United Arab Emirates (8), FPT Software, Hanoi, Vietnam (8), Akbank T.A.Ş, Istanbul, Turkey (7), Cisco Systems, San Jose, CA USA (7), Maersk, Montreal, Canada (7), Everise, Plantation, FL USA (6), Ernst & Young, worldwide (6), Globe Telecom Inc., Taguig City, Philippines (6), Green Door Co, Sydney, Australia (6), nupco, Riyadh, Saudi Arabia (6), Philip Morris International, Lausanne, Switzerland (6), TriNet, Dublin, CA USA (6), WNS, Mumbai, India (6), ZER, Istanbul, Turkey (6), Canadian Tire Corporation, Toronto, Canada (5), Enerjisa Üretim, Istanbul, Turkey (5), Lounge Group, Budapest, Hungary (5), PJ Lhuillier, Inc. | Makati City, Philippines (5), Purpol Marketing, Chippenham, Wiltshire, United Kingdom (5), Megaworld Foundation, Inc., Taguig City, Philippines (5), Zimat Consultores, Mexico City, Mexico (5).

Halkbank, pioneering the development of the Turkish banking sector for 83 years, has won eight Gold Stevie Awards, more than any other organization.

All organizations worldwide are eligible to compete in the IBAs, and may submit nominations in a wide range of categories for achievement in management, marketing, public relations, customer service, human resources, new products and services, technology, web sites, apps, events, and more.

The awards will be presented during a gala event in Rome, Italy on October 13, 2023.

About the Stevie® Awards
Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Great Employers, the Stevie Awards for Women in Business, and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.

Marketing Contact
Nina Moore
Nina@StevieAwards.com
+1 (703) 547-8389

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d3c48626-c892-4855-a6bc-db17ff9a72f5

GlobeNewswire Distribution ID 8893579

The company’s Indian subsidiary signs its first full-suite customer partnership in the region with HDFC ERGO

Mumbai, Aug. 09, 2023 (GLOBE NEWSWIRE) — Duck Creek Technologies India LLP, a subsidiary of Duck Creek Technologies, today announced a historical milestone with its expansion into the Indian general insurance market. Duck Creek Technologies India LLP now offers India-based insurers the ease, convenience, and power of modern cloud-based software-as-a-service (SaaS), delivered as a full suite of capabilities or as stand-alone solutions. With this expansion, Duck Creek reinforces its market commitment by establishing its data center in India, supported by nearly 1,000 local employees.

In partnership with its first core systems full-suite India-based insurance customer, HDFC ERGO General Insurance Company Limited (“HDFC ERGO”), Duck Creek will deploy its intuitive, user-friendly, and powerful solutions to empower HDFC ERGO to take new products to market faster and significantly improve their customers’ experience throughout the policy lifecycle and across the insurer’s entire portfolio. Duck Creek’s products and solutions will holistically bring a competitive advantage to HDFC ERGO across its entire system, portfolio and operations.

Speaking about the partnership, Sriram Naganathan, President and Chief Technology Officer, HDFC ERGO General Insurance, said, “As a leading insurer of the country, at HDFC ERGO, it has been our priority in adopting innovative technologies to address the evolving demands of our customers and offer them an enhanced customer experience. Being a digital insurer of scale, our partnership with Duck Creek Technologies India LLP is a crucial step towards unlocking the full potential of HDFC ERGO’s wide insurance solutions and enabling us to offer efficient delivery and more convenience for our customers. Duck Creek’s SaaS solution will empower our advanced AI/ML models, providing essential digital capabilities to meet the critical needs of our customers and partners.”

Rohit Bedi, Chief Revenue Officer, Duck Creek Technologies, stated, “Our commitment to HDFC ERGO aligns with their outstanding vision to make insurance easier, more affordable, and more dependable for all the people in India. We are extremely proud to be a partner to HDFC ERGO, India’s leading insurance brand, in their journey to transform general insurance services in the region.” Bedi added, “This is a significant milestone in Duck Creek’s continued growth as a leading SaaS choice for insurers worldwide. Duck Creek’s partnership with HDFC ERGO is another proof point that our global technology solutions are geared towards enabling a more modern and efficient insurance enterprise.”

Drawing on its experience supporting the world’s largest insurers and reinsurers, Duck Creek will offer its suite of SaaS-based core insurance delivery solutions, including policy, claims, billing, rating and reinsurance, to help Indian general insurers innovate and modernize their products and services.

“Duck Creek is truly excited to enter the Indian insurance market with our global solutions. We want to empower insurance companies in India with hyper-personalized insurance solutions that help customers buy or service insurance from any device and anytime. Customers from all parts of India can feel secure knowing they are covered and can raise claims anytime,” said Shaji Sethu, Managing Director APAC, Duck Creek Technologies.

The Indian insurance market was valued at $127 billion in 2021 ($30 billion, represented in the non-life sector). It is anticipated to grow to over $200 billion by 2027, which presents an exciting opportunity for Duck Creek.

About HDFC ERGO

HDFC ERGO General Insurance Company Limited was promoted by erstwhile Housing Development Finance Corporation Ltd. (HDFC), India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. Consequent to the implementation of the Scheme of Amalgamation of HDFC with and into HDFC Bank Limited (Bank), one of India’s leading private sector banks, the Company has become a subsidiary of the Bank. HDFC ERGO is the second largest non-life insurance company in the Private Sector as on 31^st March 2023 based on gross premium garnered. A digital-first company, transforming into an AI-first company, HDFC ERGO is a leader in implementing technology to offer customers the best-in-class service experience. The company has created a stream of innovative & new products as well as services using technologies like Artificial Intelligence (AI), Machine Learning (ML), Natural Processing Language (NLP), and Robotics. HDFC ERGO offers a range of general insurance products and has a completely digital sales process with ~94% of retail policies issued digitally. HDFC ERGO’s technology platform has empowered the customers to avail 69% of the services digitally on a 24×7 basis with ~19% of the customer requests serviced by Artificial Intelligence-based tools. In FY23, the company has issued 1.22 crore policies and has settled ~50 lakhs claims. The Company has an active data base of 1.5+ crore customers. HDFC ERGO is present in 496 districts of the country through their 215 branches, 10,000+ employees and 1.8 lakhs agents and channel partners.

HDFC ERGO offers a complete range of General Insurance products including Health, Motor, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space along with Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space. Be it unique insurance products, integrated customer service models, top-in-class claim processes or a host of technologically innovative solutions, HDFC ERGO has been able to delight its customers at every touch-point and milestone to ensure consumers are serviced in real-time.

Please log on to www.hdfcergo.com or stay connected on the following social media handles to get more information on HDFC ERGO and the products and services offered by the company.

Facebook: https://www.facebook.com/hdfcergo

Twitter: https://twitter.com/hdfcergogic

LinkedIn: https://www.linkedin.com/company/hdfcergo

YouTube: https://youtube.com/c/hdfcergo

About Duck Creek Technologies

Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

Carley Bunch
Duck Creek Technologies
+1201-962-6091
carley.bunch@duckcreek.com

GlobeNewswire Distribution ID 8890991

 REGULATED INFORMATION

Nyxoah Reports Second Quarter and First Half 2023 Financial and Operating Results

Mont-Saint-Guibert, Belgium – August 8, 2023 10:05pm CET / 4:05pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today reported financial and operating results for the second quarter and first half of 2023.

Recent Financial and Operating Highlights

• Presented 12-month efficacy data¹ on the first 34 DREAM patients and safety data on all DREAM patients at SLEEP 2023, demonstrating a 65% AHI responder rate, a 76% ODI responder rate and safety in-line with expectations. These data are preliminary and not conclusive of final DREAM success.
• Filed the second module in the modular PMA submission.
• Accelerated U.S. pre-commercialization efforts, focused on market access and commercial leadership.
• Continued to enroll the ACCCESS U.S. IDE pivotal study to treat complete concentric collapse (CCC) patients. Implant completion is expected in 2024.
• Reported second-quarter sales of €1.1 million and ended the quarter with 42 active German accounts.
• Ended the quarter with a cash position of €84.5 million, providing an anticipated cash runway into late 2024.

“Being less than nine months away from the DREAM study readout, our attention continues to be on patient follow up. We are highly encouraged by both the efficacy and safety data presented at SLEEP 2023. Our modular PMA filing is well underway, with the second module submitted during the quarter,” commented Olivier Taelman, Nyxoah’s Chief Executive Officer. “We are building strong commercial expertise in the competitive German market. Our direct-to-consumer advertising, helpline and referral networks have increased HGNS penetration and give us confidence on entering new markets.”

CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS (unaudited)
 (in thousands)

					For the three months ended June 30									For the six months ended June 30
			2023				2022					2023						2022
Revenue			€ 1,107						€ 936					€ 1,548				€ 1,595
Cost of goods sold			( 419)						( 334)					( 594)				( 623)
Gross profit			€ 688						€ 602					€ 954				€ 972
Research and Development Expense			(6,605)						(3,470)					(12,762)				(7,065)
Selling, General and Administrative Expense			(6,185)						(4,536)					(11,736)				(8,729)
Other income/(expense)			219						14					265				150
Operating loss for the period			€ (11,883)						€ (7,390)					€ (23,279)				€ (14,672)
Financial income			789						4 669					1 414				6 246
Financial expense			( 775)						(2 162)					(1,732)				(2 950)
Loss for the period before taxes			€ (11,869)						€ (4,883)					€ (23,597)				€ (11,376)
Income taxes			( 928)						( 107)					(1,110)				( 315)
Loss for the period			€ (12,797)						€ (4,990)					€ (24,707)				€ (11,691)
Loss attributable to equity holders			€ (12,797)						€ (4,990)					€ (24,707)				€ (11,691)
Other comprehensive loss
Items that may be subsequently reclassified to profit or loss (net of tax)
Currency translation differences			( 50)						( 12)					( 78)				( 114)
Total comprehensive loss for the year, net of tax			€ (12,847)						€ (5,002)					€ (24,785)				€ (11,805)
Loss attributable to equity holders			€ (12,847)						€ (5,002)					€ (24,785)				€ (11,805)
Basic Loss Per Share (in EUR)			€ (0.447)						€ (0.193)					€ (0.907)				€ (0.453)
Diluted Loss Per Share (in EUR)			€ (0.447)						€ (0.193)					€ (0.907)			€ (0.453)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited)

(in thousands)

			As at
			June 30 2023		December 31 2022
ASSETS
Non-current assets
Property, plant and equipment			2,813		2,460
Intangible assets			44,488		39,972
Right of use assets			3,571		3,159
Deferred tax asset			48		47
Other long-term receivables			165		173
			€ 51,085		€ 45,811
Current assets
Inventory			1,146		882
Trade receivables			1,820		1,463
Other receivables			2,262		1,775
Other current assets			1,576		1,284
Financial assets			67,919		76,968
Cash and cash equivalents			16,604		17,888
			€ 91,327		€ 100,260
Total assets			€ 142,412		€ 146,071
EQUITY AND LIABILITIES
Capital and reserves
Capital			4,924		4,440
Share premium			246,070		228,275
Share based payment reserve			7,005		5,645
Other comprehensive income			98		176
Retained loss			(142,522)		(118,212)
Total equity attributable to shareholders			€ 115,575		€ 120,324
LIABILITIES
Non-current liabilities
Financial debt			8,433		8,189
Lease liability			2,991		2,586
Pension liability			50		−
Provisions			127		59
Deferred tax liability			−		−
			€ 11,601		€ 10,834
Current liabilities
Financial debt			559		388
Lease liability			751		719
Trade payables			4 690		4,985
Current tax liability			4 475		3,654
Other payables			4 761		5,167
			€ 15,236		€ 14,913
Total liabilities			€ 26,837		€ 25,747
Total equity and liabilities			€ 142,412		€ 146,071

Revenue

Revenue was €1.1 million for the second quarter ending June 30, 2023, compared to €0.9 million for second quarter ending June 30, 2022.

Cost of Goods Sold

Cost of goods sold was €0.4 million for the three months ending June 30, 2023, representing a gross profit of €0.7 million, or gross margin of 62.2%. This compares to total cost of goods sold of €0.3 million in the second quarter ending June 30, 2022, for a gross profit of €0.6 million, or gross margin of 64.3%.

Research and Development Expenses

Research and development expenses were €6.6 million for the three months ending June 30, 2023, versus €3.5 million for the prior year period, driven by an acceleration in clinical activities, notably the start of the ACCCESS study.

Selling, General and Administrative Expenses

Selling, general and administrative expenses rose to €6.2 million for the second quarter of 2023, up from €4.5 million in the second quarter of 2022. This was due primarily to increased commercial efforts in Germany and other European markets, as well as investments in Nyxoah’s corporate infrastructure. The Company expects to continue adding headcount across the organization ahead of the U.S. commercial launch.

Operating Loss

Total operating loss for the second quarter 2023 was €11.9 million versus €7.4 million in the second quarter of 2022. This was driven by the acceleration in the Company’s R&D spending, as well as ongoing commercial and clinical activities.

Cash Position
As of June 30, 2023, cash and financial assets totaled €84.5 million, compared to €94.9 million on December 31, 2022. Total cash burn was approximately €4.8 million per month during the second quarter of 2023.

First Half 2023 Report
Nyxoah’s financial report for the first half 2023, including details of the consolidated results, are available on the investor page of Nyxoah’s website (https://investors.nyxoah.com/financials).

Conference call and webcast presentation
Nyxoah will conduct a conference call open to the public today at 10:30pm CET / 4:30pm ET. A webcast of the call will be accessible via the Investor Relations page of the Nyxoah website or through this link: Nyxoah’s Q2 2023 earnings call webcast. For those not planning to ask a question of management, the Company recommends listening via the webcast.

If you plan to ask a question, please use the following link: Nyxoah’s Q2 2023 earnings call. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, the Company suggests registering a minimum of 10 minutes before the start of the call.

The archived webcast will be available for replay shortly after the close of the call.

About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA). Nyxoah’s lead solution is the Genio® system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.

Following the successful completion of the BLAST OSA study, the Genio® system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company is currently conducting the DREAM IDE pivotal study for FDA and U.S. commercialization approval.

For more information, please visit http://www.nyxoah.com/.

Caution – CE marked since 2019. Investigational device in the United States. Limited by U.S. federal law to investigational use in the United States.

Forward-looking statements
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or managements’ current expectations regarding the Genio® system; planned and ongoing clinical studies of the Genio® system; the potential advantages of the Genio® system; Nyxoah’s goals with respect to the development, regulatory pathway and potential use of the Genio® system; the utility of clinical data in potentially obtaining FDA approval of the Genio® system; and the Company’s results of operations, financial condition, liquidity, performance, prospects, growth and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. Additionally, these risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 22, 2023, and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Contacts:
Nyxoah
David DeMartino, Chief Strategy Officer
david.demartino@nyxoah.com
+1 310 310 1313

¹ For the trial to be successful, of the 115 patients, at least 63% of patients need to be AHI and ODI responders at the 12-month follow-up.

Attachment

• ENGLISH_Q2 2023 Earnings PR

GlobeNewswire Distribution ID 1000833480

Study found obexelimab produced rapid, strong, and sustained clinical improvement, including complete clinical remission, in most patients with active IgG4-RD

Results support the continued development of obexelimab for the treatment of IgG4-RD and potentially other B cell-mediated autoimmune conditions

WALTHAM, Mass., Aug. 01, 2023 (GLOBE NEWSWIRE) — Zenas BioPharma, a global biopharmaceutical company committed to becoming a leader in the development and commercialization of immune-based therapies, announces The Lancet Rheumatology has published findings from a Phase 2 study evaluating obexelimab for the treatment of patients with IgG4-Related Disease (IgG4-RD). Based on the results of this study, a Phase 3 study in patients with IgG4-RD is ongoing to further investigate the efficacy and safety of obexelimab administered as a subcutaneous injection.

IgG4-RD is a chronic, immune-mediated fibro-inflammatory disease that can affect multiple organs including the major salivary glands, orbits, lacrimal glands, pancreas, biliary tree, lungs, kidneys, and retroperitoneum. Approximately 20,000 patients are diagnosed with IgG4-RD in the United States alone. Despite its increasing recognition, there remains a need for further research and effective therapeutic options for individuals living with this debilitating disease.

Across the world, the use of glucocorticoids is widely considered to be the standard of care for treating IgG4-RD. There are no approved treatment options for this condition. While commonly used, glucocorticoids and available B cell depleting therapies rarely lead to long-term, treatment-free remissions, and are associated with a high risk of toxicity in these patients. Such therapies also impair vaccine responses, including those for SARS-CoV-2 and influenza.

In a prospective, open-label, single arm, single-center pilot study to assess the efficacy and safety of obexelimab in the treatment of patients with IgG4-RD (clinicaltrials.gov registration NCT02725476), obexelimab demonstrated strong improvement in the IgG4-RD Responder Index, a measure of disease activity, by inhibiting B cell function, without depleting B cells.

The published manuscript, titled “Obexelimab for the Treatment of Patients with IgG4-Related Disease: An Open-Label, Single-Arm, Pilot Study to Evaluate Efficacy, Safety, and Mechanism of Action,” is available online and will appear in the August issue of The Lancet Rheumatology 2023;5(8) [E428-E429].

The following are the key findings in the paper:

• Obexelimab produced rapid, strong, and sustained clinical improvement, including complete remission (IgG4-RD Responder Index score of 0), in most patients with active IgG4-RD.
• During obexelimab treatment, reductions in circulating B cells, including plasmablasts, were observed without evidence of cell death.
• Additionally, reduction of circulating B cells and rapid return to near normal levels after treatment discontinuation suggests that obexelimab may lead to B cell sequestration in lymphoid organs or the bone marrow.
• Obexelimab was well tolerated. The majority of treatment-related adverse events were grades 1 or 2, with the most common adverse events being gastrointestinal infusion-related events, most of which were mild.

“Our findings are a significant step forward in understanding the underlying mechanisms of IgG4-Related Disease; paving the way for more targeted treatment strategies,” said John Stone, MD, MPH, Professor of Medicine at Harvard Medical School, and the Edward A. Fox Chair in Medicine at Mass General Hospital. “Our team is honored to have our research recognized by The Lancet Rheumatology, and we are immensely grateful to the patients who participated in this groundbreaking study.”

About Obexelimab

Obexelimab is an investigational Phase 3-stage, bifunctional, non-cytolytic, humanized monoclonal antibody that mimics the action of antigen-antibody complexes by binding CD19 and FcγRIIb to inhibit B-lineage cell activity. In several early-stage clinical studies in various autoimmune diseases, 198 subjects were treated with obexelimab. In these clinical studies, obexelimab demonstrated effective inhibition of B cell function without depleting the cells, resulting in encouraging treatment effect in patients with various autoimmune diseases. Zenas acquired exclusive worldwide rights to obexelimab from Xencor, Inc.

More information on the Phase 3 (INDIGO) study for the treatment of IgG4 Related Disease is available at clinicaltrials.gov: NCT05662241.

About Zenas BioPharma

Zenas BioPharma is a global biopharmaceutical company committed to becoming a leader in the development and commercialization of immune-based therapies for patients around the world. With clinical development and operations globally, Zenas is advancing a deep and balanced global portfolio of potential first- and best-in-class autoimmune therapeutics in areas of high unmet medical need while meeting the value requirements of the dynamic global healthcare environment. The company’s pipeline continues to grow through our successful business development strategy. Our experienced leadership team and network of business partners drive operational excellence to deliver potentially transformative therapies to improve the lives of those facing autoimmune and rare diseases. For more information about Zenas BioPharma, please visit www.zenasbio.com and follow us on Twitter at @ZenasBioPharma and LinkedIn.

Investor and Media Contact:
Joe Farmer, President & COO
Zenas BioPharma
IR@zenasbio.com

GlobeNewswire Distribution ID 8884766

Bedford, Mass., Aug. 01, 2023 (GLOBE NEWSWIRE) — Conagen, the bioplatform innovator and biomanufacturer, and Sumitomo Chemical, Japan’s leading chemical company, have announced to jointly develop p-hydroxystyrene (HS) and its polymer, poly p-hydroxystyrene (PHS), using a combination of biosynthesis, chemosynthesis, and polymerization. The monomer and the polymer are 100% renewable carbon, marking a new era of sustainable production.

Developing PHS using a combination of biosynthesis, chemosynthesis, and polymerization represents a significant breakthrough in sustainable material production. Efforts to reduce reliance on petroleum and transition towards renewable and sustainable alternatives have gained momentum in recent years. With renewable biomass as the starting material, this joint devolvement between Conagen and Sumitomo Chemical creates an environmentally friendly and cost-effective product. The partnership is in the lead position of active global initiatives to reduce petroleum-based products’ consumption and environmental impact.

This partnership represents a significant milestone in developing sustainable materials, and this approach to PHS production is expected to reduce the carbon footprint associated with traditional chemical synthesis methods. It is a crucial step towards more sustainable manufacturing processes with a positive impact.

The Conagen-Sumitomo partnership leverages Conagen’s expertise in microbial strain design and development with Sumitomo Chemical’s proficiency in chemical production and commercialization. The collaboration aims to create a platform that enables the production of sustainable chemicals to replace petrochemicals in an extended range of many applications.

PHS is used to produce polymers, resins, and other chemicals. The monomer HS can also be used as an input for the synthesis of other substances, such as pharmaceuticals and fragrances. The applications of HS and PHS are limitless and can span uses from electronics to personal care and other consumer products.

“This partnership represents a significant step forward in pursuing green chemicals for sustainable material production,” said J. McNamara, Ph.D., V.P. of chemical applications at Conagen. “Our commitment is a testament to the power of collaboration and the potential of combining our technologies with synthetic and polymer chemistries to create innovative, sustainable solutions that can significantly reduce petroleum-based products in the environment,” McNamara stated. “Together, we’re marking a new era of carbon-neutral material production efforts.”

The monomer HS, with the chemical formula C₈H₈O, is a derivative of styrene in which a hydroxyl group (-OH) is attached to the aromatic ring’s para position (carbon atom 4). The HS and PHS are examples of green chemistry for minimizing waste, reducing hazardous chemicals, and using catalysts that can be easily separated and reused. This joint development project promises to potentially pave the way for developing novel renewable and sustainable materials. “Similar technology can be used to produce other key chemical ingredients by fermentation at industrial scale, such as cinnamic acid, monohydroxy-benzoic acid, and dihydroxy-benzoic acid,” said McNamara.

About Conagen

Conagen is making the impossible possible. It is a product-focused, synthetic biology R&D company with large-scale manufacturing service capabilities. Its proprietary strain development, fermentation, and scale-up technologies enhance our partners’ sales, production, and profitability across a broad spectrum of current and developing markets in food, beverage, nutrition, flavor and fragrance, pharmaceutical, and renewable materials.

About Sumitomo Chemical

Sumitomo Chemical is Japan’s leading chemical company, with a global presence in the chemicals, petrochemicals, and plastics industries. The company is committed to sustainability and has a product portfolio contributing to the United Nations Sustainable Development Goals.Top of Form

Attachments

• Conagen and Sumitomo Chemical, Japan’s leading chemical company develop together p-hydroxystyrene (HS) and its polymer, poly p-hydroxystyrene (PHS), using a combination of biosynthesis, chemosynthesis and polymerization.
• PHS is used to produce polymers, resins, and other chemicals.

Ana Capretz, Head of Public Relations and Communications
Conagen
+1-781-271-1588
ana.capretz@conagen.com

GlobeNewswire Distribution ID 8884420